One might have expected that the government, which wanted to borrow a good idea from Quebec by taking the structures of the Caisse de dépôt et placement as a model, would also have paid attention to the Quebec auditor general, who is complaining about it.
No, instead they seem to have got it backward. They told themselves “Hey, in Quebec, it looks like the Caisse de dépôt et placement was able to hide behind that screen. Let us follow that lead and hide behind the same screen”. While the normal thing to do would have been to designate the auditor general as the auditor of the new board of directors responsible for investing funds, they did not do so.
In fairness to the government, I must say that it opened a door by providing that the auditor general may conduct an audit. Granted, it has come some way on this issue, but the responsibility should have been assigned directly to the auditor general so that he could look after the financial auditing.
The same goes for the Access to Information Act. Whenever we raise this issue, we are told “But there are investment decisions to make.” Let us be clear. The Access to Information Act itself provides for exceptions that would easily allow the board to protect itself against the disclosure of sensitive information while making the operation of the fund transparent.
This is not a secondary issue. I submit to the House that, to enhance credibility, to ensure that those in charge of administering the fund enjoy credibility with the Canadian public, it is important, very important indeed to make this fund transparent.
My conclusion is somewhat bleak. Personally, I wish the government had listened more carefully to what we had to say. We clearly stated our positions during the election campaign. It is in black and white in our election platform. I can even tell you on what page: pages 19 through to 22, for those who are interested.
What does it provide for? To increase rates, yes, but to reduce taxes and employment insurance premiums accordingly so that income tax does not increase. Second, to create an investment fund at arm's length from the government similar to those found elsewhere. Take for instance the Ontario teachers' pension fund, which is a model to follow and from which a few ideas could be borrowed.
Among the things that we suggested in our platform, as I said, can be read on pages 19, 20, 21 and 22. It is there in black and white, numbers included, everything from A to Z on our position. To increase premiums, offset them with tax reductions for employment insurance and tax reductions. Create an independent board for investment, independent in the true sense. Make it transparent. Most of all, do not create a new $11 billion tax grab from Canadians that is going to kill jobs in our economy because this government has lost sight of the fact that 9.1% of Canadians are unemployed, a large number of whom are young Canadians suffering in this labour market. It is about time that we also give them a break.